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Q&A Forum

Estate Tax

Howard Smolin
Title: Accountant
Company: HJS & ASSOC
(Accountant at HJS & ASSOC)
The home of a decedent became an asset of his estate upon his death. His three children are fiduciaries of the estate. If the estate sells the home, does the cost of the home receive a ...
451 Views | 2 Answers/Comments

Tax implication: Intercompany debt-waiver between parent and subsidiary

I work for a US subsidiary (I'll call Inc) whose parent company was based in the Nordics (I'll call A/S) and filed for bankruptcy. A/S no longer exist and is now managed by a Trustee o...
339 Views | 2 Answers/Comments

Should I issue two 1099 forms for an Independent Contractor that updated their EIN#?

(Accounting Manager)
One of our Independent Contractor sent us a W9 with a new EIN#. Should I process two 1099 forms this year, one with the old number and another with new number? or Should I issue their ...
221 Views | 1 Answers/Comments

Charitable Tax Contributions

Daniel Cox
Title: Owner
Company: FallenValor
(Owner at FallenValor)
I am opening up a charity to help Fallen Military personal that have made a mistake in life and ended up with a felony. Would it be against ethics to solicit accountants to possibly sug...
170 Views | 1 Answers/Comments

1120F filing

I have a client who is converting his LLC in to a C Corp by checking the box for tax purposes only. New share holders will be foreign corporation . If the company does not have any divi...
147 Views | 0 Answers/Comments

Sales Tax Question

Our company is in a state that has sales tax, while we often make sales to customers in states that don't have it. If someone were to place an order in a state that doesn't have sales t...
7490 Views | 4 Answers/Comments


yoram kahana
Title: owner
Company: shootingstar
(owner at shootingstar)
We are a 501 non for profit. A family asked us to pay for a funeral for a terminally ill member who will sadly soon pass away. Are we allowed ($10,000 ) , or is it an inurement, an...
187 Views | 1 Answers/Comments

Advice needed

Anwaar Tayyab
Title: N/A
Company: N/A
(N/A at N/A)
Hi All, I'm new to this forum and require a bit of advice from practicing accountant, I recently moved to the USA and own two companies one is sole member LLC and the other one is C Co...
214 Views | 1 Answers/Comments

Why did my dependents receive stimulus checks QUESTION

Anonymous 2020
Title: teacher
Company: Maryland
(teacher at Maryland)
Everything was based off of 2018 taxes(joint filing) because I filed my 2019 taxes too late to be considered for stimulus. In 2018, my son finished his senior year of high school and...
220 Views | 1 Answers/Comments

What form of taxes should I use if I am going to receive a US fund and my company is in Mexico?

fatima gomez
Title: Businesswoman
Company: Mexico
(Businesswoman at Mexico)
My company is Mexican and we were chosen to receive a fund (donation) from an American company. They ask me to fill out a form and they give me the following options: w9, w8 ECI and W8 ...
250 Views | 2 Answers/Comments

Value benefit regarding TAXES to change from LLC to S Corp (for both company and individual)

Eric Rocha
Title: BI Developer
Company: HTX
(BI Developer at HTX)
Hello everyone, I have a question, which the accountant I worked before was not very clear when answering and therefore brought me doubts about his work. Me and a partner have a small...
190 Views | 1 Answers/Comments

Roth IRA contributions

Frankie G
Title: Intern
Company: A Better Way Financial
(Intern at A Better Way Financial)
If I did not contribute to a Roth Ira in 2019 but made over 6k net and also will make over 6k net this year could I write a 12k check to put into my Ira this week since taxes got pushed...
163 Views | 1 Answers/Comments

Knowledge resouces for US taxation

Vikas jain
I am a freelance bookkeeper and i wish to learn about US taxation. I want some online resources pr webinar links through which i can study US taxation. Please Suggest
226 Views | 2 Answers/Comments

S Corp setup

Joseph Dolan
Title: Self
Company: Self
(Self at Self)
I am purchasing an existing business in PA and will set it up as an S Corp to save on my salary’s payroll taxes. There are 2 silent investors besides myself and we are investing a...
613 Views | 1 Answers/Comments

Sports Coach + PPP

Hi All, First time poster so PLEASE go easy on me. I have looked through the forum here and it seems like a wealth of knowledge (insert butt kissing emoji). I am looking for a little...
14199 Views | 0 Answers/Comments

reduced AMT cost of rental house in entire disposition

An accountant filed my 2018 tax return. He filed F4797 and AMT F4797. Somehow, in the F4797, the cost of the rental house sold was real cost I paid but the AMT cost was much smaller. ...
15020 Views | 0 Answers/Comments

Keogh Plan- deposit made within tax guidelines not counting for former year- how do I fix this?

I made a Keogh deposit of 25K in Feb 2019- well before the April 2019 cut off date for the 2018 year. I then made a deposit feb 2020 for 34K for the 2019 year- again before the Apri...
15693 Views | 1 Answers/Comments

How do I record the purchase and sale of a business vehicle in service for less than a year?

Matthew Worden
Title: Owner
Company: Go Hike Alaska
(Owner at Go Hike Alaska)
Hi, I am the owner/manager of a multi-member LLC. On 1/30/2019, I bought a company van (12 pax) for $5,775, which I placed into service on 2/1/2019. Because the vehicle was suppos...
16686 Views | 2 Answers/Comments

Owning Partnership Interest with S-Corp

(Senior Accountant)
Would there be a bona fide business purpose risk for owning an accounting firm interest through an S-Corp? The benefit of the SE tax savings obviously can't be a legitimate purpose. Has...
4611 Views | 0 Answers/Comments

Can an Inherited IRA be put into a Special Needs Trust?

Disabled person receiving SSDI needs to maintain SSI eligibility for Medi-Cal. Has inherited her parents IRAs. I know if they were her own IRA, they could not go into the trust, but as ...
4852 Views | 0 Answers/Comments

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